Stifel analyst Matthew E. Smith reiterated a Buy rating on Philip Morris International Inc PM, raising the price forecast to $145 from $138.Yesterday, the Marlboro maker reported third-quarter revenue of $9.91 billion, up 8.4% year over year, beating the consensus of $9.69 billion.Smith writes that growth in smoke-free products is driving both organic revenue growth and margin expansion.Net revenues increased by 11.6% on an organic basis, mainly reflecting a favorable pricing variance, primarily due to high ...

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Philip Morris International stock surged 10% after strong Q3 revenue and profit guidance.Zyn nicotine pouch sales grew 41% in the US in the third quarter.Zyn continues to be a hit with young professionals and those looking to lose weight. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on ...

On Tuesday, Philip Morris International Inc. PM reported third-quarter revenue of $9.91 billion, up 8.4% year over year, beating the consensus of $9.69 billion.Net revenues increased by 11.6% on an organic basis, mainly reflecting a favorable pricing variance, primarily due to higher combustible tobacco pricing, and a favorable volume/mix, mainly driven by higher smoke-free product volume.Outlook: Philip Morris raised its fiscal year 2024 adjusted EPS outlook to $6.45-$6.51 from prior guidance of $6.33 – $6 ...

Core Viewpoint - Philip Morris International has demonstrated strong stock performance recently, driven by a successful pivot towards smokeless products, particularly Zyn nicotine pouches, resulting in record quarterly earnings and renewed interest from institutional investors [1][2][5]. Financial Performance - Philip Morris reported quarterly sales of $9.9 billion, exceeding estimates by 2.3% and reflecting an 8.4% year-on-year increase. Earnings per share reached $1.91, which is 4.9% above estimates and a 14.4% increase year-on-year [1][5]. - The smoke-free business segment accounted for 38% of total net revenues and 40% of gross profit, with net revenues increasing by 14.2% and gross profit by 15.9% year-on-year [3][5]. Stock Performance and Valuation - Following the strong earnings report, Philip Morris stock rose 8%, reaching new all-time highs, while still being considered attractive at current levels due to reasonable valuation and strong growth catalysts [2][6]. - The stock is currently trading at a one-year forward earnings multiple of 18.5x, which is above its 10-year median of 16.5x but below the broader market average, indicating a reasonable valuation in light of anticipated growth [4][6]. Dividend Policy - Management announced a 3.8% increase in the dividend, bringing the yield to 4.5%, which remains appealing for investors seeking income alongside growth potential [5][6]. Competitive Positioning - Among major tobacco companies, Philip Morris is viewed as the most attractive due to its successful adaptation to market changes, particularly with the popularity of Zyn, which saw a 41% increase in shipments year-on-year [3][4]. - Philip Morris has outperformed peers like Altria and British American Tobacco, which continue to trade below their 2017 highs, while Philip Morris is trading at new highs [4][6].

In this photo illustration, ZYN nicotine cases are seen on a table on January 29, 2024 in New York City.The stock saw little action between 2013 and 2023 with investors viewing it as a dividend play in a stagnant industry. Now, traders are seeing the stock as a growth name — thanks in large part to the success of Zyn since Philip Morris acquired the brand through its deal with Swedish Match two years ago.Tuesday's pop comes after the company touted an eye-popping jump in shipments of its Zyn oral nicotine p ...

Key TakeawaysPhilip Morris International shares climbed to a record high Tuesday after the tobacco giant reported better-than-expected quarterly results.Shipments of the company's nicotine pouches and heated tobacco devices surged, while cigarette shipments rose slightly.Philip Morris also raised its full-year earnings outlook. Philip Morris International (PM) shares climbed to an all-time high Tuesday after the tobacco giant posted better-than-expected results and raised its outlook on soaring demand for i ...

Financial Data and Key Metrics Changes - The company reported excellent organic revenue growth of +11.6%, driven by shipment volume growth of +2.9%, positive smoke-free category mix, and pricing [6][7] - Adjusted diluted earnings per share grew by +18.0% in currency-neutral terms, despite an unfavorable currency impact of $0.06 [6][7] - Year-to-date, adjusted diluted earnings per share growth reached +17.2% in currency-neutral terms, with double-digit organic top-line growth [8] Business Line Data and Key Metrics Changes - Smoke-free net revenues and gross profit grew organically by +16.8% and +20.2% respectively, driving 200 basis points of gross margin expansion [9] - Combustible net revenue and gross profit growth accelerated to almost +9% organically, with gross margins improving by +10 basis points [10] - The oral smoke-free business saw Q3 shipment volumes grow by +22.2%, with ZYN powering U.S. growth of +41.4% [12] Market Data and Key Metrics Changes - In Japan, adjusted HTU IMS growth was +14%, reaching 10.9 billion units on a four-quarter moving average, with a market share increase to 29.8% [19] - In Europe, adjusted IMS growth reaccelerated to +11.3%, with notable growth in markets like Italy, Greece, and Romania [17] - The U.S. nicotine pouch market saw ZYN's category share stabilize and then resume growth, with shipments expected to match consumer demand in Q4 [21][22] Company Strategy and Development Direction - The company is focused on expanding its smoke-free product portfolio, with IQOS generating over $10 billion in annual net revenues and significant growth potential [15][16] - The strategy includes increasing production capacity for ZYN in response to strong demand, with a target of around 900 million cans for 2025 [22] - The company is committed to sustainability, aiming for carbon neutrality in operations and increasing access to smoke-free products in low and middle-income countries [33][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance, raising full-year guidance for volume, organic sales growth, and adjusted diluted EPS growth to +14% to +15% [36][34] - The company anticipates robust growth in Q4, despite a challenging top-line comparison, and plans to increase commercial investments behind smoke-free brands [37] - Management highlighted the importance of addressing illicit trade and maintaining strong governance and supply chain controls [24] Other Important Information - The company raised its dividend for the 17th consecutive year, reflecting a strong cash generation profile [39] - The divestment of Vectura Group is expected to close by the end of the year, allowing the company to focus on its inhaled therapeutics pipeline [28] Q&A Session Summary Question: IQOS volume trajectory and East Asia performance - Management noted that adjusted in-market sales for IQOS showed a reacceleration, particularly in Japan and Europe, despite shipment volume deceleration [40][41][42] Question: ZYN supply constraints and market share recovery - Management confirmed that supply levels for ZYN are expected to meet consumer demand in Q4, with gradual recovery of market share anticipated [46][47] Question: International cigarette market pricing and volume outlook - Management refrained from commenting on 2025 but acknowledged strong volume growth and pricing in 2024, with no significant excise tax hikes currently anticipated [49][51] Question: E-cigarette revenue run rate and profitability - Management confirmed the conversion factor for e-cigarettes and acknowledged that the revenue run rate is in line with expectations, though specific revenue figures were not disclosed [52] Question: Vaping market adoption and illicit trade measures - Management stated that vaping adoption is not accelerating significantly and emphasized the company's commitment to combating illicit trade through various measures [56][57]

Philip Morris International Inc. (PM) posted strong third-quarter 2024 results, wherein both top and bottom lines increased year over year and beat the Zacks Consensus Estimate. Results were fueled by robust momentum across all regions and product categories, including enhanced IQOS-adjusted in-market sales growth, solid ZYN volumes and resilience in the combustible unit.Driven by a solid year-to-date show, this Zacks Rank #2 (Buy) company raised its full-year 2024 adjusted earnings per share (EPS) guidance ...